Southeast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson November 20, 2023

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

November 20, 2023

Acquisitions Development Healthcare Mixed-Use North Carolina Southeast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson November 20, 2023

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

November 20, 2023

Acquisitions Florida Multifamily Southeast

Covenant Capital Sells 640-Unit Multifamily Community in Tampa

by John Nelson November 20, 2023

TAMPA, FLA. — Covenant Capital Group has sold Seven Lakes at Carrollwood, a 640-unit multifamily community located in Tampa. Situated on more than 39 acres, the property features apartments in studio, one- and two-bedroom layouts and amenities including a swimming pool, fitness center and clubhouse. Monthly rental rates begin at $1,270, according to the community website. The buyer and sales price were not disclosed.

November 20, 2023

Georgia Leasing Activity Retail Southeast

Halpern Signs Marshalls, Five Below to Leases Totaling 26,450 SF at Old Orchard Square in Ellijay, Georgia

by John Nelson November 20, 2023

ELLIJAY, GA. — Halpern Enterprises has signed two new leases totaling 26,450 square feet at Old Orchard Square, a 131,200-square-foot shopping center located in Ellijay, roughly 80 miles north of Atlanta. Halpern has owned the property, which is anchored by a 68,000-square-foot Ingles grocery store, since 1994. Marshalls will replace Black Bear Antiques in an 18,000-square-foot space, and Five Below will occupy 8,450 square feet at the center. Other tenants include BenchMark Physical Therapy, Okinawa Restaurant, UPS, Pizza King and Farmer’s Home Furniture.

November 20, 2023

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson November 20, 2023

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

November 20, 2023

Kentucky Market Reports Office Southeast Southeast Market Reports

Office Tenants Are Seeking Class A Spaces in Downtown Louisville, Suburbs

by John Nelson November 20, 2023

Like many regional peer cities, there is a clear bifurcation between office leasing activity in Louisville’s downtown and suburban office markets. Downtown Louisville has been slower to recover from the double gut-punch of the COVID-19 pandemic and local social unrest that kept workers away from the office in 2020, with overall vacancy stubbornly exceeding 20 percent for most of this year. Much of the vacancy has been driven by health insurer Humana, by far the largest office occupier in downtown Louisville, which has let several large Class B office leases expire as it continues to consolidate its workforce into properties the company owns. Year-to-date, downtown leasing activity totals 115,000 square feet, which is up 58 percent compared to this time last year, while overall absorption has swung sharply lower at negative 237,000 square feet. The relative oversupply of available office space has created a very “tenant-friendly” dynamic downtown, with landlords becoming increasingly aggressive to court leasing activity. More so than their suburban counterparts, downtown landlords are offering outsized incentive packages to tenants, including rental concessions, turnkey construction delivery of new tenant space, termination options and rental abatement periods that in some cases extend beyond one year. In exchange, downtown tenants …

November 20, 2023

Data Centers Development Leasing Activity Southeast Virginia

TA Realty Signs Tenant for 1.9 MSF Build-to-Suit Data Center Project in Metro D.C.

by John Nelson November 17, 2023

LEESBURG, VA. — TA Realty has signed a build-to-suit lease agreement with an unnamed tenant at its 1.9 million-square-foot data campus project in Leesburg, approximately 40 miles outside of Washington, D.C. The tenant, a global cloud services provider, will occupy the entirety of the property. Construction of the development, which will comprise five buildings, is scheduled to begin later this year. Completion is scheduled for 2027.

November 17, 2023

Acquisitions Retail South Carolina Southeast

ZRP Acquires Wando Crossing Shopping Center Near Charleston for $46.8M

by John Nelson November 17, 2023

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.

November 17, 2023

Development Florida Multifamily Southeast

Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Miami

by John Nelson November 17, 2023

MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.

November 17, 2023

Development Georgia Industrial Southeast

Dermody Plans 181,000 SF Industrial Project in Douglasville, Georgia

by John Nelson November 17, 2023

DOUGLASVILLE, GA. — Dermody Properties plans to develop LogistiCenter at Bright Star, a 181,000-square-foot industrial project located in Douglasville, roughly 23 miles west of Atlanta. Upon completion, the property will feature two logistics buildings that will be divisible for up to three tenants each. Building 1 will comprise 113,400 square feet and feature 32-foot clear heights, 50- by 45-foot column spacing with a 60-foot speed bay, 28 dock-high doors, two drive-in doors, approximately 90 car parking spaces and ESFR fire protection. Building 2 will total 68,040 square feet with 32-foot clear heights, 40- by 54-foot column spacing with a 60-foot speed bay, 26 dock-high doors, two drive-in doors, approximately 50 car parking spaces and ESFR fire protection. Construction is scheduled to begin early next year. Mason Marstellar of Hughes Commercial Real Estate represented Dermody Properties in the deal.

November 17, 2023

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